A Present Obligation of the Entity Arising from Past Events,the

question 11

Multiple Choice

A present obligation of the entity arising from past events,the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits is the definition of:

• A)Income
• B)An expense
• C)A liability
• D)Equity

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Definitions:

Phenotypic Variation

The differences in appearance and behavior among individuals of the same species, due to genetic and environmental influences.

Genetic Differences

Variation in the DNA sequence among individuals of the same species or between different species.

Evolutionary Change

A process through which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Directional Selection

A mode of natural selection where an extreme phenotype is favored over other phenotypes, causing the allele frequency to shift over time.